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Ripple CEO Clears FUD Around “XRP Dumping” in an Interview with Pomp

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Co-founder & Partner at Morgan Creek Digital Anthony Pompliano, aka Pomp recently interviewed Ripple CEO Brad Garlinghouse. In the interview, Garlinghouse explained the monthly XRP sales and cleared the FUD around them. 

Why does Ripple Sell Millions in XRP Every Month

In the interview, one round was dedicated entirely to the monthly XRP sales, and Pomp began the session by asking Garlinghouse about how he viewed the XRP sales. Garlinghouse began by saying that people lose sight of the fact that they (Ripple) were “the most interested party in the success and health of the XRP ecosystem” as they owned a lot of XRP. He further said that anything they did that was not good for the XRP ecosystem was, therefore, not good for them, thereby justifying that the XRP sales were not harmful to the XRP ecosystem.

He then revealed the details of the mechanism of the XRP escrow accounts. According to Garlinghouse, two years ago, one of the biggest concerns around the XRP markets had been that since Ripple owned a lot of XRP, what would happen if Ripple decided to sell it off. To address this concern, Ripple locked up its XRP in 55 contracts in cryptographically signed escrows on the XRP Ledger. The escrows became unlocked once a month for 55 months, meaning one escrow unlocked each month for 55 months. There were 1 billion XRP’s in each account, which means that there were 55 billion XRP’s at the time Ripple created the escrows.

Pomp then asked about what happened to the XRP’s when they were released? To this, Garlinghouse respondedAdvertisement

“We could do whatever we want with it.”

Garlinghouse further elaborated on how the XRP’s released have been used so far –

“We use some of its for deals… we sell some programmatically…”

Garlinghouse explained the two ways in which XRP was sold – through over-the-counter trades and programmatically. In OTC trades, it was mostly crypto speculators like crypto hedge funds which approached Ripple. Ripple has tried to engage the market in a constructive way by selling XRPs through OTC trade and programmatically at 10 basis points of daily market activity. The mistake they had been making was that they were calculated on the basis of data provided by CoinMarketCap, a website whose reputation has suffered for reporting fake volume. Garlinghouse and Pomp both agreed that CryptoCompare Top Tier (CCTT) was much more trusted and reliable for understanding the actual volume of XRP liquidity.

What Garlinghouse seemed to be implying was their intention with XRP sales was not to manipulate its price, rather, they had miscalculated the amount to be sold by factoring in incorrect data. Garlinghouse further said that they had nothing to do

with 99.9% of the XRP trading. According to the reports published by Ripple, it sold XRP worth $170 MM in Q1 2019 and $250 MM in Q2 2019.

What Happened to the Unsold XRP?

According to Garlinghouse, a major portion of the XRPs went back into new escrows. He said –“80% of it goes back.”

Pomp asked the Ripple CEO about what they needed the money for that came from XRP sales. To this, Garlinghouse responded that they were reinvesting in the company, and he gave the example of Moneygram which Ripple had recently entered into a strategic partnership with Moneygram and invested $30 MM in the common stock of the company.

Pomp asked the Ripple CEO about what they needed the money for that came from XRP sales. To this, Garlinghouse responded that they were reinvesting in the company, and he gave the example of Moneygram which Ripple had recently entered into a strategic partnership with Moneygram and invested $30 MM in the common stock of the company.

Selling Restrictions on XRP Holders

An interesting point that Pomp touched upon was the restricted selling agreements on those who bought XRP through OTC trades. To this, Garlinghouse said, “Sometimes yes.” He further added that with these restricted selling agreements, what Ripple had done was healthier than the ETH and Bitcoin environment had because there were no restrictions there stopping whales from dumping the tokens.

Pomp tried to find out what the selling restrictions were on a customer basis or a more generalized basis, but Garlinghouse refused to answer this. He said-

“We are already 10 or a 100 times more transparent than anyone else in the crypto community and we’ve got a tact for doing that. And, I think you just asked me to be more transparent. I think I’m going to pass.”

Garlinghouse simply explained that they were trying to do smart, strategic things to leverage their balance sheet and catalyze the developments in the ecosystem. Pomp conceded that people trying to find out all this information was too much. It was like saying that Ripple should open-source their contracts.

Are there any Discounted Deals for OTC customers?

When asked about discounts on OTC sales, Pomp tried to guess if the discount was around 50%. Garlinghouse immediately corrected him saying that it was more like 5%. His rationale behind this figure of discount was that he thought of XRP as a currency. He remarked –

“Would you sell a dollar for 50 cents?”

Do you think that Garlinghouse’s disclosures will help strengthen trust around Ripple and XRP in the crypto community? Let us know what you think about the Ripple CEO’s responses in the comments below!

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News and Top Headline for Ripple XRP, January 18th, 2020

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  • Ripple Price Analysis – Ripple XRP price faces hurdles at the 100 MA as BTC tries to retest $9,000
  • XRP/USD – XRP Price attains 100-Days EMA But strives to exceed the level
  • XRP/BTC – XRP/BTC pair retest the 2600 SAT

Ripple XRP price traded in the positive zone this week recording a 13% price surge as it enters resistance at $0.234. The BTC/USD pair continues to trade sideways as it settles at the 2600 SAT level. Once the XRP price manages to resist $0.2345, the coin might rise back toward $0.30. The major support levels for XRP/USD pair are $0.22, $0.20, $0.185. While the major resistance level is $0.2345, $0.25, $0.262.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3XRP(XRP)$0.23700.618%

For the XRP/BTC pair, the major support levels are 2600 SAT, 2350 SAT, 2455 SAT. While the major resistance levels are 2710 SAT, 2800 SAT, 2900 SAT.

XRP/USD – XRP Price attains 100-Days EMA But strives to exceed the level

Ripple XRP has persisted in the positive zone, although, it encountered the projected resistance at $0.2345 and was unable to resist here. This resistance level is further strengthened by the 100-days EMA. XRP price is currently supported by $0.228 as the bulls try to

regroup to crack the 100-days EMA. If the XRP price can exceed the resistance at $0.2345, its coin will remain bullish. For XRP price to veer neutral, it must decline below $0.22, with an additional decline below $0.185 changing it bearish.

XRP Price Prediction – Ripple XRP Price Prediction

If the bullish trend persists and breaks the resistance at the 100-days EMA, instant resistance lies at $0.24. Above this level, next resistance is to be anticipated at $0.25, $257 (1.414 FIb Extension), and $0.262 (bearish .618 Fib Retracement). The resistance at $0.262 is strengthened by the 200-days EMA. Contrarily, if the sellers drive XRP price below $0.228, early support toward the downside lies at $0.22. Below this level, support is at $0.212, $0.20, and $0.185.

The RSI persists above the 50 the level which indicates that the bulls are in charge of the market trend. Also, the Stochastic RSI is bracing for a bearish crossover cue which might aid to bring the market price lower.

XRP/BTC – XRP/BTC pair retest the 2600 SAT

XRP/BTC pair has managed to correct back above the support level at 2600 SAT. XRP also surged higher into 2780 SAT but rapidly reversed and decline well below2700 SAT. It proceeds to trade sideways between 2600 SAT and 2700 SAT as investors and traders await the next price direction. XRP is still neutral at this level and must exceed the resistance at 3000 SAT to turn bullish. Alternatively, if XRP price decline below the support at 2350 SAT it would turn bearish.

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Ripple (XRP/USD) forecast and analysis on January 18, 2020

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Cryptocurrency Ripple (XRP/USD) is trading at 0.2333. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indica

tor stripes.

Ripple (XRP/USD) forecast and analysis on January 18, 2020

As part of the Ripple course forecast, a test level of 0.2280 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.2540. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2140.

Ripple (XRP/USD) forecast and analysis on January 18, 2020

Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​0.2100. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ripple (XRP/USD) forecast and analysis on January 18, 2020 implies a test level of 0.2280. Further, growth is expected to continue to the area above the level of 0.2540. The conservative buying area is located is near the area of ​​0.2140. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 0.2100. In this case, we should expect continued fall.

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Ripple’s XRP is a Brilliant Technology, According to American Institute of Economic Research’s Jeffrey Tucker

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American economist Jeffrey Tucker, who also works as the editorial director at the American Institute for Economic Research (AIES), called Ripple XRP “brilliant technology” in a recent interview on Russia Today. Tucker shared his opinion that Ripple’s growing popularity had been influenced by sometimes outdated traditional financial systems such as SWIFT.

When asked to explain why the recent partnerships, alliances, and increased capacity of Ripple had no positive effect on XRP, Tucker explained that the digital token XRP is a “specific kind of crypto” and at this moment many regular investors are not interested in the technology. He continued by saying:

That does not mean it’s not going to change the world. I think it’s an extremely important technology

because it’s thriving off the failures of this antique SWIFT system,

Tucker stated Ripple is doing what traditional financial systems failed to do, provide fast and cheap money transfers.

Our legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche… and XRP has been really valuable in that sense,

Ripple itself continues to promote XRP adoption. Brad Garlinghouse will give his speech during the 55th Global Forum event in Singapore. Global Forum gathers together business leaders, government officials, and academics from different countries who share their views on different business spheres. Apart from Ripple’s CEO, who will be the sole representer of the cryptocurrency industry at the event, list of speakers includes representatives from Central Banks, JPMorgan, Goldman Sachs, MasterCard

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